Hyundai Motor India on Tuesday said it intends to invest Rs 75 million in Assam over the next five years to support the states' engineering colleges and increase employment opportunities.
During a meeting with Assam Chief Minister Tarun Gogoi in Guwahati, Hyundai India managing director HS Lheem said his company would support the engineering institutes of the state by giving training material and also extend jobs for its students.
"Hyundai, as a responsible corporate citizen will continue its initiatives in helping the educational institutes," Lheem was quoted as saying in a company's press release soon after the meeting.
"Our plans also reflect the importance of the Indian market and underline the company's keenness to help the state and thus generate skilled manpower, which is a mutually beneficial exercise for both the state and for our company," said the official.
These plans were also discussed last month during a meeting between Prime Minister Manmohan Singh and Hyundai's chairman Chung Mong Koo.
The company will issue certificates to graduates from 2008 onwards. HMI also proposes to give these graduates a chance to work in HMI, dealers and vendors, stated the release.
The plan would kick-off with the identification of one institute in Guwahati as a sample case, three more will be added by 2008, and eventually expanding to 18 by 2011, covering all the engineering Institutes in Assam.
Under this scheme, an estimated 200 jobs per year will be created by 2011.
Hyundai recently launched its sedan Verna and announced plans to set up a second plant in Chennai to produce 300,000 vehicles per annum to raise its production capacity to 600,000 vehicles by 2007.